market research

June 2018

June 2018 New York Commercial Real Estate Market Report

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Manhattan Office
Manhattan office leasing activity was up, but so were rental concessions, as future office deliveries are coming fast and furious.

Manhattan Retail
Retail prices continue to cool. Economics of internet delivery are continuing to erode retail demand and what tenants are prepared to pay.

New York Market Overview

  • Total Manhattan Class A Office vacancies decreased from 8.8 % vacant to 8.7 % vacant
  • Total New York City Office vacancy decreased from 8.0 % vacant to 7.9 % vacant

Manhattan Office

Leasing activity for April totaled 3.5 million square feet. That was up 12.8% from the 3.13 million square feet a year ago. Manhattan Office concession packages offered to tenants increased in Manhattan by last quarter, as tenant improvement allowances and free rent increased.

Average asking rent for office spaces in Manhattan remained at $74.04/RSF the first quarter, up 3%. Manhattan has 43.9 million square feet available, with 17.2 million square feet of office space under construction. The vacancy rate is at 9.1%.

Total Manhattan Class A Office vacancies decreased from 8.8 % vacant to 8.7 % vacant

Manhattan Retail

Asking rents for ground floor retail space on Madison Avenue, between 57th and 72nd streets, averaged $1,405 per square foot in the last quarter of 2017, down $200 since the start of 2016.

Average asking rents for retail in Times Square have dropped by around 14% in recent years from the peak of $2,413 per square foot.
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